GLOBAL ACCOUNT TERMS DEPOSIT ACCOUNT AGREEMENT

                                                                    EXHIBIT 10.1

                              GLOBAL ACCOUNT TERMS

                            DEPOSIT ACCOUNT AGREEMENT

     The Bank of New York, in its capacity as trustee of the CurrencyShares

British Pound Trust, a trust formed under New York law (the "Customer" or

"Trust") and the London Branch of JPMorgan Chase Bank, N.A. (the "Bank")

undertake to comply with and be bound by the following Global Account Terms of

this Deposit Account Agreement (the "Agreement").

ESTABLISHING ACCOUNTS

1.1  The Customer's British Pound-denominated, (i) interest-bearing account (the

     "Interest Account") and (ii) non interest-bearing account ( the

     "Non-Interest Account") (each individually the "Account" and collectively

     the "Accounts") maintained with the Bank shall be subject to these Global

     Account Terms (the "Account Terms") and the Account Application and the

     Signature List executed by the Customer regarding the Accounts attached

     hereto (together, the "Account Applications"); and, by continuing to use

     the Accounts, the Customer acknowledges its acceptance of these Account

     Terms and the relevant Account Applications.

1.2  Unless otherwise specified, the Customer will establish the Accounts as

     principal. The Customer shall not transfer any of its rights and interests

     in the Accounts nor create any form of security interest over such rights

     and interests without the prior written consent of the Bank.

1.3  The Customer represents and warrants that it has power and capacity to open

     and operate the Accounts, that the Account Terms and the relevant Account

     Applications constitute valid and binding obligations of the Customer and

     that the Customer has taken all necessary actions to duly authorize the

     execution and delivery of the same.

SIGNATORIES

2.1  "Signatory" means a person named in the relevant Account Application (or

     other analogous document under which the Customer authorises persons to

     communicate with the Bank in relation to the Accounts) who is authorised to

     act on behalf of the Customer at the time of the relevant Instruction (as

     defined in Section 4.1) and in respect of the matters set out in clause 3

     below.

2.2  The Bank may treat any Signatory as duly authorised to issue Instructions

     until the Bank receives written notice from the Customer, after which the

     Bank shall act promptly, that the Signatory no longer has the authority to

     issue Instructions.

2.3  The Customer will provide specimen signatures (including specimens of

     facsimile signatures and/or personal seals) to the Bank (in the Account

     Application or otherwise) in the number and form required and will verify

     the identity of each Signatory in a manner required by the Bank.

AUTHORITY OF SIGNATORIES

3.1  Each Signatory, subject to any written limitation received by the Bank from

     the Customer, is authorised on behalf of the Customer to:

     (a)  open, operate and close the Accounts;

     (b)  appoint and remove Signatories;

     (c)  execute the Account Application(s) and any form of agreement relating

          to communications, whether by telephone, telex, electronic or other

          means;

     (d)  execute any agreements relating to overdrafts, borrowings or cash

          management;

     (e)  draw, accept, endorse or discount cheques, drafts, bills of exchange,

          notes and other instruments;

     (f)  overdraw the Accounts as may be permitted by the Bank;

     (g)  make arrangements with the Bank concerning periodic payments into or

          out of the Accounts;

     (h)  advise the Bank of credits destined for the Customer's Account;

     (i)  place money on interest-bearing or term deposit with the Bank and

          withdraw that money and accrued interest either on or before any

          applicable maturity date;

     (j)  authorize and request the Bank to effect foreign exchange transactions

          and purchase and/or sell treasury products for the account of the

          Customer;

     (k)  deposit any property of the Customer with the Bank for safe keeping,

          have access to and reclaim any property so deposited or give the Bank

          Instructions in relation to it;

     (l)  execute guarantees, indemnities or other undertakings to the Bank in

          relation to:

          (i)   missing documents;

          (ii)  guarantees, letters of credit or other undertakings given or to

                be given by the Bank to or at the request of the Customer; or

          (iii) anything else done or to be done by the Bank at the request of

                the Customer;

     (m)  give the Bank any form of security over, or make any other

          arrangements with the Bank concerning, any property of the Customer

          including without limitation bills of exchange, bills of lading,

          warehouse certificates, insurance policies and share and debenture

          certificates;

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     (n)  countermand, revoke or amend Instructions; and

     (o)  give the Bank Instructions relating to any of the above.

INSTRUCTIONS

4.1  "Instruction" means a communication, including without limitation a cheque

     or demand for payment, which (i) contains the information required by the

     Bank to enable the Bank to give effect to the communication; (ii) is

     received by the Bank in writing, by facsimile, tested or untested telex,

     SWIFT, telephone, or via the Bank's electronic instruction system or such

     other means as are for the time being agreed by the Customer and the Bank;

     and (iii) the Bank believes in good faith to have been given by the

     Customer.

4.2  The Customer is responsible for keeping and completing cheques and other

     forms and documents and for issuing Instructions in a manner so as to

     prevent unauthorised completion, alterations or additions. The Customer

     shall not issue cheques which are post- dated and shall immediately notify

     the Bank if it becomes aware that any of its cheques (whether completed or

     blank) are lost or stolen.

4.3  If the Bank and the Customer at any time agree on a security procedure to

     be used in relation to any category of communications (including

     encryption), the Customer shall safeguard any test keys, passwords,

     identification codes or other security or authentication devices, make them

     available only to properly authorised persons and be fully responsible for

     any use of such security procedure (whether authorised or unauthorised)

4.4  Nothing in this Clause 4 obligates the Bank to confirm Instructions which

     appear to the Bank acting in good faith to have been given by the Customer.

AUTHORITY AND OBLIGATIONS OF THE BAN

5.1. The Bank is authorised and agrees to accept, honour and execute without

     inquiry each Instruction which the Bank believes in good faith to have been

     given by a Signatory and any other Instruction communicated by other means

     which the Bank receives in strict accordance with any agreed security

     procedure. Provided the Bank believes in good faith that an Instruction has

     been given by a Signatory, where such an Instruction has been effected by

     means of a facsimile signature, personal seal or chop, the Bank is

     authorised to act on such Instruction, regardless of by whom the facsimile

     signature, personal seal or chop was actually affixed. The Bank need not

     inquire into the circumstances of any transaction.

5.2  The Bank may at its option use any means to confirm or clarify

     Instructions, even if any agreed security procedure appears to have been

     followed. If the Bank is not satisfied with any confirmation or

     clarification, it may decline to honour the Instruction.

5.3  The Bank has established cut-off times for some categories of

     communications, details of which are attached hereto as Addendum A. If an

     Instruction is received by the Bank after its cut-off times, the Bank may

     process the Instruction on the next day on which it is open for such

     business. The Bank may process any Instruction through any of the payments

     systems identified in Addendum A.

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5.4  Execution of Instructions will be subject to applicable law and the rules

     of the payment system used, including those laws or rules concerning a

     misdescribed or missing beneficiary, beneficiary's bank or intermediary

     bank. The Bank may rely on the identifying number of any account,

     intermediary or beneficiary's bank which appears in an Instruction as the

     proper identification of the beneficiary, intermediary or beneficiary's

     bank notwithstanding that the Instruction identifies an entity different

     from the entity identified by name in the Instruction. The Bank may

     complete or correct incomplete or inaccurate intermediary or beneficiary

     bank details.

5.5  Due to the operations of the Trust, mid-month redemptions of shares of the

     Trust could result in an Instruction that would require a withdrawal from

     the Non-Interest Account in excess of the balance in such account. The Bank

     shall honour such an Instruction without assessing an overdraft fee. They

     Bank may charge customary interest, fees and other expenses for all other

     overdrafts of the Non-Interest Account or the Interest Account.

5.6  Where execution of an Instruction requires the Bank to purchase or sell a

     currency other than the currency of the Account on which the Instruction is

     given, the Bank is authorised to purchase or sell the currency at a

     commercially reasonable rate at the relevant time for the purchase or sale

     of such currency taking into account the size and tenor of the transaction.

5.7  If the Customer chooses to confirm any Instruction, any confirmation must

     be clearly marked as such and, if there is any discrepancy between an

     Instruction and any confirmation, the terms of the Instruction shall

     prevail.

DEPOSITS, AVAILABILITY OF FUNDS

6.1  The Customer undertakes that it will have good title to all items presented

     to the Bank for deposit or for any other purpose. Money deposited or paid

     into an Account will not be regarded as available until collected and

     irrevocably received in cleared funds. The Customer requests that the Bank

     accept without inquiry all cheques and other instruments presented for

     deposit into the Account without checking whether they are valid, properly

     endorsed or owned by the Customer.

6.2  As collecting bank, the Bank as agent for the Customer will deal with and

     present the cheques and instruments in accordance with the custom and

     practice of the country in which the cheques are collected.

6.3  If the Bank credits the Account in contemplation of receiving funds for the

     Customer's credit and those funds are not actually received by the Bank, or

     on the faith of a transaction which is subsequently set aside or revoked,

     or if the Bank does not receive funds for the Customer's credit for value

     on the date advised by or on behalf of the Customer, the Bank shall be

     entitled to debit the Account of the Customer with the amount previously

     credited and/or with any other charges incurred. If the Account becomes

     overdrawn or further overdrawn as a result of such debit, the Customer will

     pay on demand the overdrawn amount and interest on the overdrawn amount.

6.4  Bank reserves the right not to accept, and to return without interest to

     the remitter of funds, the amounts received for deposit to the Interest

     Account on any Bank business day, if the

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     aggregate deposit liability of the Bank to the Trust following the deposit

     of such amounts would exceed the British Pound equivalent of $4.0 billion

     U.S. dollars calculated at the Federal Reserve Bank of New York Noon Buying

     Rate (the "Noon Buying Rate") for the British Pound or another recognized

     market rate for the British Pound if the Noon Buying Rate is not available

     on the banking day such deposits are received by the Bank.

6.5  The Bank shall notify the Customer and the Customer's sponsor if there are